Northbridge-based video game and virtual reality company Stirfire Studios has failed in its bid to complete a $7 million initial public offering and list on the ASX, but has pencilled in a second attempt for next year.
Stirfire was hoping to list on the ASX by the end of the month after completing a $5 million - $7 million IPO, but in a statement its chief executive, Vee Pendergrast, said the company was unsuccessful.
“We are doing a formal debrief on it, but the best evidence seems to point to a combination of the overall market confidence and timing,” Ms Pendergrast said.
“We plan to have a second attempt next year as we continue to improve the strength of our business.”
The games studio creates content for virtual reality and desktop, with one of its games – Freedom Fall – having been the first game to receive a WA Screen Award.
Its latest release, the boundary pushing VR title ‘Symphony of the Machine’, has launched on PlayStation VR and Oculus Rift.
Stirfire also has its sights set on the emerging VR market.
“Probably the biggest challenge with selling these kinds of services is that businesses do not see them as essential as something like a day-to-day telecoms solution (which is an integral part of any business),” Ms Pendergrast said.
“But then again, they may not be familiar with the benefits that this technology offers.
“Things like VR tourism, occupational health and safety training, and education can be subject to huge practical gains in effectiveness just by learning what can be done.
“All it takes is an expert in a particular area, engaging with our expertise and miracles can happen.”
